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Gujarat’s first IT SEZ clicks as Kendle logs on to Mindspace

IBM team explores SEZ for 5,000 employees unit

Gujarat’s first special economic zone for IT/ITES services is all set to kick start next month. US based Kendle group, a leading global clinical research organization (CRO) with about $ 415 million net revenues in 2009, has firmed up its plans to check into Mindspace, a Rs 1200 crore IT/ITES SEZ project developed by Mumbai-based K Raheja Corp on Ahmedabad-Gandhinagar Knowledge Corridor. More »

Real estate hogs state’s IT SEZ space (16 IT sez in Gujarat)

At least 12 out of the 16 proposals approved so far in Gujarat for setting up as many Special Economic Zones (SEZs) in the IT segment have been bagged by real estate companies that have scarcely little to do with IT or related areas.
The implications are obvious against the background of DLF Ltd, India’s largest real estate developer, successfully getting its IT SEZ in Delhi de-notified by the government even after its in-principle approval as an IT SEZ project. This would now enable the company to use 25 acres of land that the government provided for the IT SEZ, for real estate development. With 16 already approved, IT SEZs will corner the largest chunk of the total 60 to come up in Gujarat.
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IT companies line up at Raheja, DLF SEZs in Gujarat

Gujarat may have missed the IT/ITES bus earlier, but the two upcoming IT/ITES SEZs by K Raheja Corp and DLF are all set to drive the growth of the industry here. As many as 50 companies are likely to set up shops in the two parks coming up in Gandhinagar.

“Leading IT players like IBM, Oracle, Syntel, Accenture, Patni Computers and CSC are exploring the state for setting up their operations in the SEZ area, according to sources in state government. We are aiming to draw companies like GE, IBM, Cognizant, Genpact, Mphasis and Symantec who have been our clients,” said an official of DLF on conditions of annonymity.

Apart from software companies, financial institutions and banks like HSBC, Morgan Stanley, JP Morgan Chase, Citibank, Otis, Meryll Lynch, Deutsche Bank, HCFC, Countrywide, many of which are clients of K Raheja Corp, are also looking at the state for setting up their operations, said sources close to the development. K Raheja Corp’s Mindspace IT SEZ is coming up in a sprawling space of over 97 acres at Koba near Gandhinagar for an estimated investment of Rs 1200-1500 crore. The phase one of the project will be completed early next year and space will be available for possession from January onwards.

“The real estate prices in Ahmedabad are very attractive as compared to other IT destinations in the country. Besides, DLF and Raheja have been allotted land by the state government at very nominal prices so they can lease it out at a much more competitive price. This will also give a huge boost to the export rate of the state, which has been growing at over 50 per cent CAGR for the past three to four years,” said government sources.

An official of Raheja said they have been in talks with various companies however he refused to divulge names. DLF is setting up Rs 850-crore SEZ in Gujarat which will come up over 25 acres at Gandhinagar near Infocity. “A few multinationals are evaluating the state and conducting studies. However, it will take about 6-8 months before they can make a decision to move in,” said Amit Grover VP- Corporate Marketing. DLF will also offer space of even 5,000 sq ft for lease to accomodate local players including even entrepreneurs, he added.

Although there are close to a dozen IT SEZs coming up in Gujarat, Raheja would be the first to commence operations commercially followed by DLF looking at the work done currently, government sources added.

After Nandigram fiasco, is Salim Group headed for Gujarat?

After Nano, is one of the biggest Muslim-owned groups heading for Gujarat? Singapore-based infrastructure and hospitality firm Universal Success Enterprises Ltd (USEL), promoted by NRI businessman Prasoon Mukherjee, is seeking to ink a deal with the Gujarat government to pump in Rs 1 lakh crore in a slew of projects ranging from power plants to SEZs and port development, in the presence of Modi. Indonesia-based Salim group too would have limited equity exposure in these ventures.
The group, that exited Nandigram after West Bengal government decided not to go ahead with the petrochemicals SEZ planned there following violent protests by the Trinamool Congress and Naxalites, is said to be largely interested in the Gulf of Cambay and the Ahmedabad-Dholera SIR.

Those in the know are now asking, what Singur is to Sanand, will Nandigram be to Dholera? However, Mukherjee was there at the Vibrant Gujarat 2007 summit, where he promised a lot of investment in Gujarat but not much has come out of it till now.

Last month, Mukherjee had assured a Nanodevastated Bhattacharjee administration that the USEL-Salim combine would invest Rs 5 lakh crore in SEZs, housing, road, townships and power plants in Bengal. But since land acquisition is yet to start for many of these projects, the prospects of investments touching this magic figure appear very optimistic, to say the least.
However, no such doubts exist for the investments planned in Gujarat since the Modi government is said to have assured USEL of arranging the required land by January 2009. USEL proposes to set up a 12,000 MW power plant involving an outlay of Rs 65,000 crore at a coastal location in Gujarat. Besides, it intends to pump in Rs 10,000 crore on a port venture and the balance Rs 25,000 crore on a multi-product SEZ in Modi-land.
Out of 12,000 MW generated, 10,000 MW would be merchant power which would be sold to other companies and the balance 2,000 MW would be for captive use within the SEZ. USEL Energy would implement the power project. It is in the process of acquiring four coal blocks in Indonesia, Mongolia and China for the power ventures in India.